The taxman cometh, even for retirees. Are you ready? Or do you need some help sorting through murky world of rates, deductions, plans, conversions and credits?
If you do need a hand, here are ten of our favorite tax resources for retirees:
Free Tax Help
The AARP Foundation offers free tax preparation help to low and moderate income taxpayers, with a particular focus on aiding those over 60 years old. To learn more about the program check out this page. You can find a local tax aide location here.
Also, if you’re interested in volunteering to help, learn more here.
In a similar vein, the IRS also offers some free tax prep help. The VITA Program aides low and moderate income taxpayers, while the TCE Program offers tax help to those over 60 — with a particular focus on answering questions about pensions and retirement issues. You can learn more here.
IRS and USA.gov
Planning on tackling your taxes yourself? Before you do, stop by this page set up by the IRS. It walks through some of the particulars of Social Security taxes and common pitfalls, as well as options for filing.
USA.gov also has a good page that pulls together a number of government tips and resources for retirees, you can find it here.
If the government websites feels a bit daunting, you may want to start instead with the About.com tax center. It’s an extremely in-depth resource that covers everything from unusual deductions to tax software tips. In particular, make sure to check out this page, which explores tax issues for retirees.
Looking to Pay Less in Taxes?
Retirement Living’s State by State Tax Guide
If you’re trying to figure out what you might owe in state taxes, or if you’re debating moving and want to research tax rates, this guide from Retirement Living is a great starting point. It provides and in-depth explanation of each state’s sales, personal and estate taxes and also gives a good overview of taxes in general. This page from affiliated website Kiplinger has similar information.
Details on Deductions
Finally, if you want to make sure that you’re making the most of your possible deductions, start with this page from NOLO.com, which lists some of the most common ones for retirees. Then head over to this resource from Bankrate.com, which covers deductions in-depth. It’s a bit of a pain to navigate, but if you dig around for awhile you may find some extra savings.
Photo by 401(k) 2013 via Flickr.